Emkay Flags ICICI Bank as Top Franchise but Fully Priced; HDFC and Axis Offer Conditional Upside

Emkay sees ICICI at 2.4x book with limited headroom, while HDFC and Axis trade at relative discounts—though re-rating hinges on consistent execution and growth delivery.

bt-corporate · 7/7/2026, 5:01:33 AM · Ask about this →